Munder Capital Management, the Birmingham, Mich., asset management company that is 44% owned by Comerica Inc., is seeking an investor for a stake similar in size to what chairman Lee Munder has decided to sell.
For now, Detroit-based Comerica plans to buy Mr. Munder's shares in the firm, said a spokeswoman for Munder Capital, which manages $51 billion. But the purchase, which is subject to Securities and Exchange Commission approval, is expected to be temporary. Mr. Munder is "talking to a host of companies," including some banks, as potential investors, the spokeswoman said.
The ideal partner would have scale and possibly an international presence, said George C. Eshelman, an executive vice president at Comerica. Munder and Comerica will look at ways for Munder employees to increase their equity stake in the company, he said. (Mr. Munder plans to retain about an 8% share of the company; employees own the rest.)
Mr. Eshelman said that he expects Comerica will eventually reduce its equity stake in Munder but declined to say by how much.
Gerald Seizert, chief investment officer, and Paul Tobias, chief operating officer, took over as co-chief executives in February, when Mr. Munder stepped down as day-to-day chief.